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Ripple is back above 1.0 psychological level and it could challenge the immediate resistance again. The price has signaled that the buyers are still strong invalidating a deeper decline.
As you already know, XRP/USD slipped lower in the short term, but the decline was only a temporary one. Techncially, the price of Ripple could drop again if it makes a new false breakout above the weekly pivot point (1.0487) level.
Personally, I would like to see a temporary decline because we could search for great long opportunities.
Ripple jumped above the descending pitchfork's upper median line (UML) but the weekly pivot point (1.0487) represents strong static resistance. Jumping and stabilizing above 1.0710 high may signal more gains towards the 150% Fibonacci line.
The descending pitchfork's 150% Fibonacci line represents a critical resistance. A valid breakout above it could really announce and validate a strong leg higher ahead. Still, in the short term, XRP/USD may drop again to test and retest the immediate support levels before jumping higher.
Jumping and closing above 1.0710 high could signal more gains towards the 150% Fibonacci line and up to 1.3 level.
A temporary decline towards 61.8% and down to 0.8 level could also bring a new long opportunity. XRP/USD is traded right below resistance, so we cannot exclude a temporary decline.
Only a valid breakout through the 150% Fibonacci line could really confirm a strong swing higher.
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